- Reduce the amount of your taxable income
- Try to lower your tax rate
- Try to utilize any tax credits/deductions that may be available
- MAKE SMART YEAR-END DECISIONS
While it may seem like you just finished dealing with your business taxes, as a small business owner now is a great time to be working on tax planning. The next few months are a crucial part of the year to get your financial records up to date, see where your profits/losses stand, and make smart decisions to do whatever is possible to minimize your tax liabilities and make smart business choices.
Too frequently, business owners do not take advantage of their accountants for tax planning purposes. By not doing so, they are missing out on tax-saving strategies that need to be implemented on or before December 31.
Besides all the tax-saving advantages that may be available to you, you also get a head start on your taxes. How? In order to have a good tax plan in place, your books need to be reviewed and therefore need to be in order. Therefore, some work that would typically get done during tax preparation (such as clean up) can be performed. In many cases, you may even receive a list of items that will be needed come the beginning of the year, so you have more time to gather the information instead of scrambling around last minute.
There are way too many benefits that come out of tax planning for it to be ignored. So simply don’t!
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